One Of Australia's Biggest Streaming Services Is Closing

Subscription service Presto will shut down in January, after Seven West Media announced it has sold its shares to Foxtel.

Foxtel chief Peter Tonagh said Presto subscribers will now be able to access Foxtel Play from December.

"Presto will cease on 31 January 2017," Foxtel said through a press release on Tuesday morning. That means only Netflix and Stan will remain as subscription video services in Australia.

That means only Netflix and Stan will remain as subscription video services in Australia.

"It has been great working with the team at Seven on Presto and we look forward to future collaborations. We are delighted to be able to offer Presto subscribers access to the new look Foxtel Play, which we know will be highly attractive to them," Mr Tonagh said.

Foxtel play is available to all current Foxtel subscribers as its own stand-a-alone app.